GDX (gold miners ETF) has taken out the 34.50ish (former T1) support, opening the door to the next price target(s). I’ve also added a potential bounce target (unmarked horizontal line around 35.00) which would offer an objective add-on or new short entry, should this ~4% drop today get bought up by the dip buyers.
Although I still favor continued downside to at least T3 in the coming weeks+, it is worth noting there is potential (i.e.- “unconfirmed”) positive divergence forming between price & the momentum indicators: Bearish if taken out, bullish if PPO makes a bullish crossover above the previous low. Previous (May 22nd) and updated 60-minute charts below with my current preferred (solid arrows) and alternative (dotted arrows) scenarios below.
GDX 60m May 22nd
GDX 60m June 4th